1. What is accounting? What are its main functions? 2. Name three of the Basic Accounting Principles. Explain them briefly. 3. What are the main elements of a Balance Sheet? 4. For the following transactions, show how these affect the Balance Sheet: 1. Purchase land on credit, 2. Take loan from bank, 3. Purchase office furniture. 5. As discussed in the lecture, there exists various accounting systems (types). Explain why there is a need for various types of accounting.